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How recent subprime trends might impact availability
Monday, Apr. 11, 2016, 03:45 PM
Nick Zulovich, Senior Editor
The volume of auto-financing discussion — especially in the subprime space — Cox Automotive chief economist Tom Webb entertained at recent industry events and his quarterly conference call prompted him to ask a question. Recent analyst reports from Fitch Ratings ... [Read More]
GM Financial breaks ground for new San Antonio facility
Monday, Apr. 11, 2016, 03:42 PM
SubPrime Auto Finance News Staff
General Motors Financial broke ground on Monday for its new financial servicing center in San Antonio during a ceremony that featured several notable city, county and state officials and community leaders as speakers, including Gov. Greg Abbott. The company’s newest ... [Read More]
Cordray defends how CFPB disperses restitution
Friday, Apr. 8, 2016, 03:34 PM
Nick Zulovich, Senior Editor
The sparring between lawmakers and the Consumer Financial Protection Bureau’s Richard Cordray continued on Thursday when the director offered his semiannual report to the U.S. Senate Banking Committee. What has been a source of much consternation percolating from the upper ... [Read More]
Why used-car leasing makes sense for Ally — and industry
Thursday, Apr. 7, 2016, 09:39 PM
Joe Overby, Staff Writer
If you want get a sense of why Ally Financial decided to roll out a product specifically for used-car leasing, consider the statistics from Experian Automotive, says Tim Russi, Ally’s president of auto finance. You may find that the numbers ... [Read More]
Moody’s: Smaller lenders pulling down subprime auto ABS performance
Thursday, Apr. 7, 2016, 02:32 PM
SubPrime Auto Finance News Staff
Moody’s Investors Service not only spotted the trend but pinpointed seven different finance companies that might be causing the softening performances in U.S. subprime auto asset-backed securities during the past few years. Analysts indicated in a report released on Thursday that ... [Read More]
Senate hearing considers impacts of CFPB presence
Wednesday, Apr. 6, 2016, 03:57 PM
Nick Zulovich, Senior Editor
In advance of Richard Cordray’s semiannual appearance before the U.S. Senate Banking Committee, lawmakers from Congress’ upper chamber conducted a hearing on Tuesday dubbed “Assessing the Effects of Consumer Finance Regulations,” where the primary topic was Consumer Financial Protection Bureau ... [Read More]
Credit union update: CU Direct partners with PenFed as GrooveCar expands
Wednesday, Apr. 6, 2016, 03:55 PM
SubPrime Auto Finance News Staff
As GrooveCar significantly broadened its network of partners, PenFed Credit Union forged a relationship with CU Direct and the CUDL Network during last week’s NADA Convention & Expo with the expectation of increasing member loans and enhancing overall efficiencies with ... [Read More]
DriveTime rebrands servicing division, launching Bridgecrest
Tuesday, Apr. 5, 2016, 03:44 PM
Nick Zulovich, Senior Editor
DriveTime passed another juncture on its “longer-term corporate roadmap” on Tuesday as the company continues to pivot away from the traditional buy-here, pay-here model of selling, financing and servicing vehicle sales to subprime customers. Tuesday marked the official launch of ... [Read More]
Latest data intensifies concerns about long-term loans
Monday, Apr. 4, 2016, 03:07 PM
Nick Zulovich, Senior Editor
Used and new metal is rolling over the curb at paces pleasing to dealers and finance companies. But more vehicles are connected to contracts at lengths approaching the time a two-term president spends in the White House. Autotrader senior analyst ... [Read More]
Spireon introduces latest GPS offering
Monday, Apr. 4, 2016, 03:04 PM
SubPrime Auto Finance News Staff
Spireon recently launched its next generation GPS vehicle tracking and collateral management system (CMS). The company highlighted GoldStar Lender has proven to help customers increase their loan portfolio performance by up to 20 percent. The company indicated Spireon’s GoldStar Lender ... [Read More]